Seniors: Get Ready for FAFSA 2015

If you're a senior, you are probably relieved that college applications are a thing of the past (almost for some of you!). As you settle into the decision waiting game, it's time to really focus on the FAFSA. In just over a week, the FAFSA goes live, on January 1.

It is of high importance that you don't delay completion of the FAFSA. In fact, you can get started before the new year by getting a Federal Student Aid PIN. Visit www.pin.ed.gov. Both you and your parent will need to create a PIN to sign the FAFSA electronically. If you do not have a social security number, you cannot get a PIN. Instead, you will have to print and sign a signature page to be mailed to the US Department of Education Federal Student Aid Office.

After getting a PIN, write it down and keep it in a safe place. Next year, the PIN will no longer exist. Instead FAFSA will transition to a username and password system. So this applies to current Juniors for January 2016.

Next, start collecting documents you will need for the FAFSA. This includes:

• 2013 Tax Returns for parents and students (if applicable). Once your parents file 2014 Tax Returns, you can log back into FAFSA to update the values reported.

• 2013 or 2014 W2s (if available) for parents and students (if applicable)

• Social security numbers for student and parents

• Alien registration number if not citizen of the US

• Parent's DOB and date of marriage (if applicable)

• Financial information on savings, investments, and business assets for parent and student (if applicable)

Know the required forms and deadlines for each college to which you applied. All students, regardless of income level are encouraged to complete a FAFSA and other financial aid forms. As the cost of a college education continues to increase, more middle income families qualify for aid. Also many schools require the FAFSA, for whatever reason, for even non-need based aid. After completing the FAFSA, you will automatically be linked to the Tuition Assistance Program (TAP), New York State's financial assistance program that provides up to $5,165 in aid for eligible students.

Many schools, specifically ones that are private, also require the CSS Profile. This form is collected and processed by the College Board who gathers information and submits a report to the college. More and more schools are using the CSS Profile to get a complete picture of a family's financial situation to determine need. To look up if your school requires the CSS Profile, visit here.

The last thing to do to prepare is to visit each school's financial aid portal via the main website to find college aid deadlines. Although deadlines are usually set for February 1, I stress the importance of applying early to avoid processing delays and to ensure you get the maximum amount of aid, both need-based and merit-based, you may qualify for.